Moody's gives Appleton loan Ba2

Moody's Investors Service said it assigned Ba2 ratings to Appleton Papers Inc.'s proposed $150 million revolving credit facility and the proposed $225 million senior secured term loan B.

Moody's said it also upgraded Appleton's speculative-grade liquidity rating to SGL-3 from SGL-4 while all other ratings were affirmed and the outlook remains stable.

The proceeds of the senior secured credit facilities will be used to refinance existing senior bank credit facilities and finance future capital expenditure requirements, the agency said.

Appleton's B1 corporate family rating reflects the company's strong credit metrics relative to its ratings, continued focus on cost improvements, adequate liquidity and stable margins, Moody's noted.

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